Bitcoin, Sideways at 117,000 Dollars After Record High [CryptoBriefing]

[Financial News] Bitcoin is trading sideways at 117,000 dollars on the 18th. It is interpreted as undergoing adjustments due to a lack of upward momentum and concerns about US inflation after recently hitting an all-time high.
According to the global virtual asset information platform CoinMarketCap, Bitcoin is trading at 117,000 dollars, up 0.03% compared to the previous day (24-hour basis) as of 10 a.m. on this day. After hitting a new high of 124,000 dollars on the 14th, Bitcoin is moving sideways between 117,000 and 118,000 dollars.
Bitcoin is trading at 169 million won in the Korean won market. According to the global virtual asset market comparison platform Cryprice, the Korea premium is -0.84%.
Previously, the US Department of Labor announced on the 14th (local time) that the US Producer Price Index (PPI) for July rose 0.9% compared to the previous month. This is a figure far exceeding the market expectation of 0.2%. Typically, PPI is considered a leading indicator of the US Consumer Price Index (CPI).
As the PPI was higher than expected, inflation concerns also increased, making the anticipated September rate cut by the Federal Reserve uncertain. As a result, some of the investment sentiment formed by recent rate cut expectations has receded, and the virtual asset industry is also taking a breather.
At the same time, Ethereum is trading at 4,465 dollars, up 1.14% compared to the previous day. XRP (Ripple) is trading at 3.08 dollars, down 0.39% compared to the previous day.

yimsh0214@fnnews.com Sanghyuk Lim Reporter